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GBP/USD US session outlook - expanding channel

FX:GBPUSD   British Pound/U.S. Dollar
Pattern - expanding channel on hourly

Resistance - 1.4384, 1.4413, 1.4441

Support - 1.4330, 1.43, 1.4235

  • Pair's rebound from 1.4332 ran out of steam as prices neared expanding channel resistance. The spot now trades around 1.4360.
  • Failure to sustain above 1.4368 (38.2% Fibo) after bearish break from sideways channel on Friday coupled with falling tops formation on hourly indicates the pair could drop to 1.4330 (23.6% Fibo + channel support).
  • A break lower would expose 1.43
On the higher side, only an hourly closing above expanding channel hurdle would shift intraday momentum in favor of bulls and expose 1.4413-1.4441 levels.
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